China's wealth management market will keep growing as the investable assets of Chinese individuals are expected to reach 62 trillion yuan (9.8 trillion U.S. dollars) by the end of 2011, a report said Thursday.

That amount will represent an increase of 14.8 percent from 54 trillion yuan a year earlier, according to the report jointly released by China Construction Bank (CCB) and the Boston Consulting Group.

Fueled by swelling fortunes, China's private banking sector has remained a bright spot in the global wealth management industry, the report said.

The number of high-net-worth households, or those with investable assets over 6 million yuan, will rise to 1.21 million at the end of 2011, up from 1.03 million last year, it said.

Those households will see their combined investable assets reach 27 trillion yuan, accounting for 44 percent of the country's total.

The report estimated Chinese will see their investable assets grow at a compound annual rate of 14 percent in the 2010-2015 period, markedly higher than the 5.9 percent global level.

Of all high-net-worth households in China, 35 percent are from the economic hubs of Beijing, Shanghai and Guangdong province, according to the report.

Meanwhile, mid-western provinces like Gansu, Anhui and Guizhou have seen the number of high-net-worth households rise faster than in other regions of the country.

Nearly 60 percent of high-net-worth individuals in China were private business owners, and they will boost demand for offshore wealth management and international asset allocation as they move more business overseas, the report projected.

China's high-net-worth individuals were most interested in fixed-income and fiduciary investment products, it said, noting that China's private banking sector is still in an initial stage of development despite its huge potential.

Go to Forum >>0 Comment(s)